RISMEDIA, July 8, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.40%, down from 5.48% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com®.
Meanwhile, rates for 15-year fixed mortgages fell to 4.79% from 4.87%, and 5-1 adjustable rate mortgages also fell to 4.49%, down from 4.65 the week prior.
Average Rate Average Rate
Mortgage Type Week ending 7/5/09 Week ending 6/28/09 % Change
30-year fixed 5.40% 5.48% -1.5%
15-year fixed 4.79% 4.87% -1.6%
5-1 ARM 4.49% 4.65% -3.4%
On Monday, rates for 30-year fixed purchase mortgages dropped further, with the average rate on Zillow Mortgage Marketplace at 5.31%.
Thirty-year fixed mortgage rates varied by state. Florida mortgage rates, and Georgia mortgage rates decreased the most, from 5.44% to 5.33% in Florida and from 5.42% to 5.32% in Georgia. Illinois mortgage rates, Massachusetts mortgage rates, New York mortgage rates and Ohio mortgage rates were the highest, each at 5.48%. Georgia mortgage rates were the lowest, at 5.32%. California mortgage rates were the most requested among all states.
